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Steve Wynn lowers his stake in Wynn Resorts to 7.8%

Former Wynn Resorts Ltd. CEO and Chairman Steve Wynn, who resigned from the company after allegations of sexual misconduct, lowered his ownership of Wynn Resorts' common stock to 7.8% by selling 4,104,999 shares for $180 per share in open market transactions, according to a March 22 SEC filing.

In a March 20 SEC filing, the company said Wynn had plans to sell all or part of his 11.78% stake. He now holds 8,026,708 shares in the company, according to the filing.

Wynn and his ex-wife, Elaine Wynn, agreed to nullify the amended and restated stockholders agreement between them and Azure USA Inc., allowing them to sell their shares in the company. The agreement had restricted both of them from selling their shares in the company without each other's consent.

Elaine Wynn is now the largest shareholder in the company, with a stake of 9.26% of common stock as of March 14, according to S&P Capital IQ.